Bank account minimum balance and deposit requirements

6 February 2019

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Dipping below the minimum can mean high fees or a lower APY.

Minimum deposit or balance requirements can apply to savings, checking and CD accounts, and affects everything from the interest rate on your account to whether you have to pay a monthly fee. Choose the right account for your budget to keep your savings on track.

What's in this guide?

What are account minimum requirements?

An account minimum is the amount of money you need to open or maintain an account. The requirements can apply to savings, checking and CD accounts, and how they affect fees, APRs and the status of your account depends on the type of account and bank.

Minimum requirements for savings accounts

Savings accounts often either require a minimum deposit to open an account or an ongoing minimum balance to earn maximum interest or avoid fees.

Minimum opening deposit

For savings accounts that require a minimum opening deposit, you’re required to open the account with a certain amount of money. Some banks give you a grace period to meet that minimum, and will close your account if you come up short.

Minimum monthly deposit

Some savings accounts require regular ongoing deposits, monthly or quarterly, to earn a higher interest rate or avoid a fee. You can meet this requirement with deposits once or twice a month.

Minimum balance requirements

Some savings accounts require that your accounts always stay above a minimum balance. Falling below that balance can cost you in fees or interest rates.

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Minimum requirements for checking accounts

Checking accounts can also come with minimum requirements, both when you open an account and throughout the life of the account.

Minimum opening deposit

The minimum opening deposit is the amount you need to open an account. If you can’t meet this requirement, your application will be denied or the bank can recommend a different account that better fits your finances.

Minimum balance requirements

If your account dips below the minimum balance requirement, you’ll typically incur a fee. Some banks waive this fee if you have a certain number of transactions monthly. For example, a bank might charge $35 monthly for you to hold an account. However, with a minimum balance of $10,000 or at least four direct deposits into the account, you’re off the hook.

Balance requirements, monthly deposit requirements and the fees vary wildly depending on your accounts, so read the fine print before signing on with a new bank.

Have any ONE of the following: • College enrollment for up to five years• OR a direct deposit made to this account (Direct deposits can be an ACH credit, payroll, pension or government benefits such as Social Security)• OR an average ending day balance of $5,000 or more in this account

College Checking comes with no monthly service fee as long as you’re between 17-24 years and a student for up to 5 years.

Fee is reduced to $6.00 if you elect to receive electronic statements through CIBC NetBanking instead of paper statements.

iCan checking is a non-interest bearing account offered by CIBC Bank USA that rewards you for trusting us to meet your everyday banking needs, because it’s based on your relationship with us. The more you use certain banking services, the more you can earn in cash back rewards and ATM fee reimbursements.

Do any ONE of the following: • Set up monthly direct deposits of $500 or more• OR have a $1,500 balance or more each morning• OR have a combined balance of $5,000 or more in your Total Checking account and any other linked qualifying Chase accounts or investments

Our most simple checking account is easy to use and gives you access to 16,000 ATMs and 5,100 branches.

The fee is reduced to $12.00 if you elect to receive electronic statements through CIBC NetBanking instead of paper statements.

myChoice is an interest-bearing checking account offered by CIBC Bank USA that rewards you for trusting us to meet your everyday banking needs. It’s based on your relationship balances – the total amount you have in deposits or outstanding loan balances with us in qualifying related accounts.

Meet ONE of the following: • Have an average beginning day balance of $15,000 or more in this account and any linked deposits or investments• OR pay your Chase first mortgage with auto pay from your Chase account• OR be a member of the military with ID

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Minimum deposit requirements for CDs

If you want the security of guaranteed returns that only a certificate of deposit can provide, you’ll need to meet the minimum deposit amount. The minimum deposit amount is the initial investment amount that grows over time.

How much you’ll earn in interest depend on how much you invest. Larger deposits lead to larger interest rates.

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Bottom line

Deposit requirements can determine the interest-earning power of your savings account or CD and the ongoing cost of your checking account. Consider these restrictions along with the other features and fees of different bank accounts before making the final decision about the right product for you.

Frequently asked questions

No. Many accounts have no minimum balance requirement. However, accounts with minimums are more likely to have high APYs or competitive features.

No. Many accounts have no minimum opening deposit or else have a nominal amount, such as $1.

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